Mr. Tony Giardini reports

TRILOGY METALS FILES NI 43-101 TECHNICAL REPORT FOR THE PREVIOUSLY ANNOUNCED BORNITE PRELIMINARY ECONOMIC ASSESSMENT

Trilogy Metals Inc. has filed a National Instrument 43-101 technical report titled "NI 43-101 Technical Report on the Preliminary Economic Assessment of the Bornite Project, Northwest Alaska, USA," with an effective date of Jan. 15, 2025, and a filing date of Feb. 13, 2025, with the Canadian securities regulators. The company will also be filing a S-K 1300 technical report summary titled "S-K 1300 Technical Report Summary on the Initial Assessment of the Bornite Project, Northwest Alaska, USA," with an effective date of Nov. 30, 2024, with the U.S. Securities and Exchange Commission. A copy of the applicable report will be available under the company's profile on SEDAR+ and on EDGAR and on the company's website.

The preliminary economic assessment was prepared for the Bornite copper project located in the Ambler mining district of northwestern Alaska. The Bornite project is held by Ambler Metals LLC, the joint venture operating company equally owned by Trilogy and South32 Ltd. The PEA has not been reviewed by South32 or Ambler Metals. The PEA was prepared on a 100-per-cent ownership basis, in which Trilogy's share is 50 per cent. The results of the PEA were announced on Jan. 15, 2025. There are no material differences in the National Instrument 43-101 report from those results disclosed in the company's news release dated Jan. 15, 2025.

Trilogy Metals engaged independent consultants Wood Canada Ltd., Ausenco Engineering Canada ULC, SRK Consulting (Canada) Inc., International Metallurgical & Environmental Inc., and Core Geoscience LLC to prepare the PEA on a 100-per-cent ownership basis, under National Instrument 43-101 (Standards of Disclosure for Mineral Projects). An initial assessment for the Bornite project was also prepared on a 100-per-cent ownership basis in accordance with Subpart 1300 and Item 601 of the Regulation S-K.

Qualified person

Richard Gosse, PGeo, vice-president, exploration, for Trilogy Metals, is a qualified person as defined by NI 43-101. Mr. Gosse has reviewed and approved the scientific and technical information in this news release.

About Trilogy Metals Inc.

Trilogy is a metal exploration and development company which holds a 50-per-cent interest in Ambler Metals, which has a 100-per-cent interest in the Upper Kobuk mineral projects in northwestern Alaska. On Dec. 19, 2019, South32, a globally diversified mining and metal company, exercised its option to form a 50/50 joint venture with Trilogy Metals. The UKMP is located within the Ambler mining district, which is one of the richest and most prospectively known copper-dominant districts in the world. It hosts world-class polymetallic volcanogenic massive sulphide deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits, which have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler mining district: the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 190,929 hectares. Ambler Metals has an agreement with Nana Regional Corp. Inc., an Alaska native corporation that provides a framework for the exploration and potential development of the Ambler mining district in co-operation with local communities. Trilogy Metals' vision is to develop the Ambler mining district into a premier North American copper producer while protecting and respecting subsistence livelihoods.

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